Iran's Islamic Revolutionary Guard Corps (IRGC) announced Saturday that two oil tankers exploded in a mined area south of the Strait of Hormuz. The IRGC also claimed to have stopped four commercial vessels supported by the U.S. military. Iranian officials stated the waterway remains completely closed.
U.S. Central Command disputed the IRGC's claims regarding the tankers, calling the report false. This escalation follows days of retaliatory airstrikes between the U.S. and Iran.
The Strait of Hormuz handles approximately 20% of global oil consumption. WTI crude surged over 4% in the previous trading session. Prices for WTI reached more than $82 a barrel. Brent crude topped $88 as markets factored in potential supply disruptions.